Crypto Oracle Andrew Keys made some bold claims
CoinDesk became one of my favorite publications this year. They’re always ahead of the curve and feature some of the best writers in crypto.
Keys is described as an “Oracle” and while some of his predictions may take more time to pan out, they are no less exciting.
Here are a few I found to be the most interesting…
“In 2020, the world started to understand the intrinsic value of bitcoin as ‘digital gold.’ In 2021, we will witness the same understanding of Ethereum as “digital oil.” — Andrew Keys
The crypto community hates analogies. Oversimplifying is kryptonite to geeks. However, I think this one hits home.
Oil runs everything: our cars, our homes, our clothing. Oil is the underlying material that we build our entire lives on top of.
While Bitcoin will replace gold and eventually the dollar as the primary currency; Ethereum will be the pipes that run our entire world.
That’s a little bigger than gold.
“The Eth 2.0 upgrade will catapult the network’s capability and garner even more attention from enterprises and institutional investors, driving the price of the ether currency to new heights.”
Ether grew around 360% from January 2020 until year’s end.
While many are more fixated on the insane bull run that Bitcoin made this year, Ether is primed for a surge of its own in 2021.
Especially with the release of Ethereum 2.0 which will one day enable thousands of transactions to take place every second that isn’t just limited to currency.
Once again, digital oil is a coming.
“In February 2021, the Chicago Mercantile Exchange, the largest derivatives exchange in the world, will launch Ethereum futures, making Ethereum the second Commodity Futures Trading Commission-registered crypto commodity.”
Wall Street has been attempting to launch a Bitcoin ETF for years to no avail. VanEck — an investment management firm based in NY — was rejected last year for proposing a Bitcoin ETF, but filed again this week for another go.
Seeing all the institutional trust that went into Bitcoin this year, the chances have never been higher for approval.
Hot on Bitcoin’s trail is an Ethereum exchange-traded fund.
For both coins, this will lead to more mainstream adoption and allow us to track the current price of Bitcoin without having to actually buy and store it in a cryptocurrency wallet.
“Many have promised a faster and more sophisticated smart contract platform with little to show for it. In 2021, those that have raised millions on the promise of capturing Ethereum’s market share will need to carve out a niche use case for their platforms or risk becoming irrelevant before any code has been shipped.”
As Keys points out in his article, Bitcoin is looking to capture the $18 trillion gold market. Ethereum — digital oil — is looking to overtake the global economy, which is valued at around $270 million.
“Stimulus will continue to be distributed in slow, analog fashion, even as the use case for a government-issued digital currency becomes increasingly evident.”
35% of all U.S. dollars ever created were printed in the last 10 months.
Let that sink in.
Our government is making irreversible moves right now that will leave our economy broken for years to come. While this is all happening, China is utilizing Digital Currency Electronic Payments and plans to use digital currencies much more in the future.
They’re going to leave us in the dust.